Australia's APM Human Services surges on $865 mln offer

APM Human Services International

03/06/2024 06:21

(Updates)
    ** Shares of APM Human Services International  APM.AX  rise
as much as 11.6% to A$1.395, set for best day since late-Feb
    ** Healthcare service provider's stock hits highest level
since March 26
    ** Co says it will be acquired by U.S.-based private equity
firm Madison Dearborn Partners (MDP) in a deal valued at A$1.3
bln ($865.2 mln)
    ** Under deal, APM shareholders will receive A$1.45 per
share, a premium of ~16% to stock's last close
    ** Jefferies says MDP's bid is "a reflection of the current
outlook and is unlikely to see better"
        ** Brokerage ups PT on APM to A$1.45 from A$1.20
  
    ** About 11.7 mln shares change hand compared to 30-day
average of 1.1 mln shares
    ** Stock up 2% YTD, as of last close 

($1 = 1.5026 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))